A brokerage located in the Marshall Islands, 1pool Ltd., and Patrick Brunner, its owner and CEO, are paying a $990,000 civil penalty to resolve a CFTC consent order charging them in federal court with making “illegal bitcoin-related transactions,” failing to register as a futures commission merchant (FCM) and “failing to meet its supervisory duties by… Read More >>
PIMCO to Centralize KYC Efforts
Asset manager Pacific Investment Management Company (PIMCO) is signing on to use the “Kyc.com” centralized know-your-customer (KYC) service to add to its due diligence and onboarding requirements for KYC, anti-money laundering (AML), tax, credit and legal agreements, say officials at the Newport Beach, Calif.-based firm. The kyc.com service is a joint venture between information and… Read More >>
ICBC Standard Bank to Streamline KYC Ops
London-based financial markets and commodities bank, ICBC Standard Bank, has selected Fenergo, a provider of know your customer (KYC) services, to meet global compliance requirements and to make improvements in operational efficiency, bank and officials say. In February 2015, the Industrial and Commercial Bank of China Ltd. (ICBC) acquired a controlling stake in Standard Bank’s… Read More >>
New Markit Service Targets the Demands of CRS
Markit is launching a due diligence solution intended to help financial services firms meet a forthcoming standard for the automated exchange of financial account information, particularly as it relates to know your customer (KYC) requirements. Created with help from officials at Barclays and Brown Brothers Harriman (BBH), the new offering is Markit│CTI Tax Solutions for… Read More >>
KYC Demands Cause ‘Immense’ Data Burdens for Firms
Providers are targeting the increasingly important know your customer (KYC) space in an attempt to ease the “immense” data management burden firms are reportedly experiencing in this area of financial services compliance. Solutions designed to support data management in relation to regulatory issues such as KYC anti-money laundering controls continue to attract users looking for… Read More >>
Avoka and Trulioo Partner for KYC Verification
Avoka, a digital customer acquisition vendor for financial services firms, and Trulioo, a provider of identity verification for international markets have a strategic partnership to offer real-time, know your customer (KYC) and anti-money laundering (AML) compliant identity verification, say officials from both companies. The agreement facilitates the integration of Trulioo’s GlobalGateway and Avoka’s Transact offerings… Read More >>
Does Markit Have a ‘Game-Changer’ for Mitigating Third-Party Op Risk?
(Editor’s note: Markit, a financial information services vendor, has launched a seminal offering, dubbed the Know Your Third Party (KY3P) service. It’s a centralized, cloud-based data hub intended to help financial services firms better manage the operational risk that comes with third-party risk providers. The service, hosted by Dell Cloud Services, can be used for… Read More >>
Bankers’ Almanac Data Now On Alacra Platform
Client onboarding, reference data and business research vendor Alacra has partnered with Accuity, publisher of Banker’s Almanac, officials say. The partnership will integrate Banker’s Almanac’s new Due Diligence Data File with Alacra Compliance Enterprise (ACE), with the aim of “significantly increasing the speed and efficiency of the client onboarding process for mutual customers,” according to… Read More >>
BNY Mellon Fills Top Client Service Posts
BNY Mellon has appointed Douglas Shulman as a senior executive vice president and global head of Client Service Delivery (CSD), joining the firm’s executive committee in the process, officials say. BNY Mellon has also appointed Dan Kramer as executive vice president of CSD, where he’ll direct and oversee the CSD strategy and execution for BNY… Read More >>
Challenges Ahead for Social Media Compliance
Is social media compliance becoming predictable and thus easier to manage, which would make compliance staff happy? Or are there more adventures to come? This key issue emerged during a panel discussion on what is next for social media compliance. The panel was part of FTF’s Social Media and Compliance (SMAC) conference last week. The… Read More >>
